USD/CHF Could Extend Losses Below 0.9100
- USD/CHF started a downside correction from the 0.9240 region.
- A connecting bearish trend line is forming with resistance near 0.9170 on the 4-hours chart.
- EUR/USD could gain pace if there is a close above the 1.1750 resistance zone.
- GBP/USD is still trading well below the 1.3800 resistance.
USD/CHF Technical Analysis
The US Dollar failed to clear the 0.9240-0.9250 resistance zone against the Swiss Franc. As a result, USD/CHF corrected lower below the 0.9200 support zone.
Looking at the 4-hours chart, the pair settled below the 0.9200 region, the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).
It even broke the 0.9150 support level and traded close to 0.9100. It is now consolidating losses above the 0.9100 zone. On the upside, the pair could face sellers near the 0.9150 level.
The next major resistance is near the 0.9170 zone. There is also a connecting bearish trend line forming with resistance near 0.9170 on the same chart. A close above 0.9170 could set the pace for a fresh increase towards the 0.9250 resistance.
On the downside, the 0.9100 region is an important breakdown support. A close below the 0.9100 level might open the doors for more losses. The next major support is near the 0.9075, below which USD/CHF could test 0.9020.
Looking at EUR/USD, the pair might gain pace if it settles above the 1.1750 resistance. Besides, GBP/USD could face hurdles near 1.3750 and 1.3800.
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